WULF · XBRL financial data
Terawulf financial statements, every fiscal year
The same tables from 6 filings, lined up. Matched by XBRL tag: renamed lines keep their history.
How these numbers work
- Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
- Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
- * marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
- 0 means a filing states zero; a dash (—) means no filing states that number.
- “year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
- Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
- Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
- Shares outstanding come from each filing's cover page, as of the date printed there.
- Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.
Income statement
CSVFiscal years (WULF's year ends in late December)
| In millions of dollars | Dec 31, 2020 | †Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | 69 | 140 | 168 |
| Revenue from contracts with customers | 13 | — | — | — | — | — |
| Cost of goods and services sold | 10 | — | 11 | 27 | 63 | 83 |
| Gross profit | 4 | — | 4 | 42 | 70 | 66 |
| Research and development | 1 | — | — | — | — | — |
| Selling, general and administrative | 5 | — | 23 | — | — | — |
| Total operating expenses | — | — | 48 | 71 | — | — |
| Operating income (loss) | (2) | — | (44) | (29) | (76) | (186) |
| Interest income | 1 | — | — | — | — | — |
| Interest expense | 0 | — | 25 | 35 | 20 | 80 |
| Income tax expense (benefit) | (0) | — | (0) | 0 | 0 | 0 |
| Net income (loss) | (0) | — | (91) | (73) | (72) | (661) |
| Earnings per share, basic USD per share | (0.22) | — | (0.82) | (0.35) | (0.21) | (1.66) |
| Earnings per share, diluted USD per share | (0.22) | — | (0.82) | (0.35) | (0.21) | (1.66) |
| Weighted average shares, basic millions of shares | 2 | — | 111 | 210 | 351 | 398 |
| Weighted average shares, diluted millions of shares | 2 | — | 111 | 210 | 351 | 398 |
- † Share count changed about 51x in the period ending 2021-12-31, likely a stock split with no split ratio in the XBRL data; figures before that column are not adjusted.
Balance sheet
CSVFiscal years (WULF's year ends in late December)
| In millions of dollars | Dec 31, 2020 | †Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 4 | 43 | 1 | 54 | 274 | 3,266 |
| Short-term investments | 0 | — | — | — | — | — |
| Accounts receivable | 2 | — | — | — | 0 | 1 |
| Inventory | 2 | — | — | — | — | — |
| Prepaid and other current assets | 0 | — | — | — | — | — |
| Total current assets | 8 | 68 | 14 | 63 | 281 | 3,478 |
| Property and equipment, net | 7 | 91 | 192 | 205 | 412 | 1,508 |
| Right-of-use asset | — | 1 | 12 | 11 | 86 | 104 |
| Goodwill | — | — | — | — | 0 | 55 |
| Total assets | 15 | 265 | 318 | 378 | 788 | 6,558 |
| Accounts payable | — | 12 | 22 | 15 | 24 | 65 |
| Current portion of long-term debt | 3 | — | 52 | 123 | 0 | 46 |
| Total current liabilities | 4 | 46 | 126 | 155 | 52 | 1,736 |
| Long-term debt | — | 95 | 73 | 0 | 0 | 3,052 |
| Lease liability, non-current | — | 1 | 1 | 1 | 3 | 22 |
| Total liabilities | 4 | 142 | 200 | 156 | 543 | 6,418 |
| Retained earnings (accumulated deficit) | 9 | (96) | (186) | (260) | (332) | (994) |
| Total stockholders' equity | 12 | 123 | 118 | 222 | 244 | 140 |
| Total liabilities and equity | 15 | 265 | 318 | 378 | 788 | 6,558 |
| Common shares outstanding (cover page) millions of shares | 2 | 101 | 186 | 302 | 383 | 424 |
- † Share count changed about 51x in the period ending 2021-12-31, likely a stock split with no split ratio in the XBRL data; figures before that column are not adjusted.
Cash flows
CSVFiscal years (WULF's year ends in late December)
| In millions of dollars | Dec 31, 2020 | †Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Net income (loss) | (0) | — | (91) | (73) | (72) | (661) |
| Stock-based compensation | 0 | — | 2 | 6 | 31 | 51 |
| Net cash from operating activities | (0) | — | (34) | 4 | (24) | (123) |
| Purchases of property and equipment | 0 | — | 61 | 75 | 268 | 1,060 |
| Net cash from investing activities | 2 | — | (94) | (78) | (91) | (1,369) |
| Proceeds from issuing common stock | — | — | 47 | 136 | 189 | 0 |
| Share repurchases | — | — | 0 | 0 | 118 | 33 |
| Proceeds from long-term debt | 1 | — | 23 | — | — | — |
| Repayments of long-term debt | 0 | — | — | — | — | — |
| Net cash from financing activities | 1 | — | 90 | 120 | 335 | 4,941 |
| Net change in cash | 3 | — | (38) | 46 | 220 | 3,449 |
- † Share count changed about 51x in the period ending 2021-12-31, likely a stock split with no split ratio in the XBRL data; figures before that column are not adjusted.
Compare with peers
SIC 6199 and related industry codes, similar size. Each row is the latest quarter reported.
How peers are chosen
- SIC 6199 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
- Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
- Runway shows only for companies burning cash with under $10B of public float.
- * marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.
- A cell reading “not reported” means the filings give no figure for that quarter alone.
| Company | Cash ($M) | Revenue, quarter ($M) | Operating cash flow, quarter ($M) | Shares outstanding | Runway | Quarter |
|---|---|---|---|---|---|---|
| Terawulf | 2,619 | 45 | (137)* | 499.0M | 19.2 quarters | 10-QJun 30, 2026 |
| Fidelity Ethereum Fund | 0 | not reported | 93* | 47.4M | — | 10-QJun 30, 2026 |
| Gemini Space Station | 189 | 45 | (51)* | not reported | 3.7 quarters | 10-QJun 30, 2026 |
| Perella Weinberg Partners | 150 | 251 | 73* | not reported | — | 10-QSep 30, 2026 |
| Ionic Digital | 416 | 49 | not reported | 45.0M | — | 10-QJun 30, 2026 |
| Pagaya Technologies | 247 | 362 | 49* | not reported | — | 10-QSep 30, 2026 |
| Walker & Dunlop | 161 | 307 | 1,169* | 34.3M | — | 10-QJun 30, 2026 |
| HIVE Digital Technologies | 208 | 79 | 4.1 | 274.3M | — | 10-QJun 30, 2026 |
| Hut 8 | 157 | 71 | 28* | 120.0M | — | 10-QSep 30, 2026 |
Not investment advice. Not affiliated with the U.S. SEC.